Leasing a car in Toronto

[mawcanada]

I heard that it is a good option to go for leasing cars for like three years and get a new model rather than buy new or buy used, what's people's intake on this?

 

[torontosm]

I heard that it is a good option to go for leasing cars for like three years and get a new model rather than buy new or buy used, what's people's intake on this?

Buying vs. leasing depends on a variety of factors, including someone's desire to have new models and change their cars every few years, a person's tax status (individual vs. corporate entity), driving patterns (i.e., km driven per year), etc. There are lots of good articles on the Web that can help you choose which is best for you.

 

[NetMecca]

Since a car is not an asset, and diminishes in value dramatically, counting maintenance cost over time (and age of vehicle) and all other factors, no matter whether you own or lease, new or used, a car is pretty much just a rental. Minimising you monthly cost to my mind is pretty much the best way to look at it. Not like you will be keeping it forever. Also having a new vehicle regularly means you have the latest in tech, especially safety, which in winter in Canada is excellent. With all the deals that dealers are offering you can often get a pretty good deal alround. I love my lease, probably never buy a vehicle again.

Good luck

 

[methyl]

Really depends on your financial situation and how handy you are with cars. If you have a high income and dread any car problems - lease is not a bad option. If you don't want to spend as much money and are ok with occasionally taking care of car issues you can save a lot of money by not changing the car for a brand new one every 3-4 years.

 

[mawcanada]

Thank you all, your comments are quite helpful.

 

[TahitiDamz]

Hi guys,

I'm wondering if you decide to lease a car, what happens with the car Insurance? I mean, do we have to pay more ?

Thx

 

[NetMecca]

Insurance is the same. Only way to reduce insurance is to reduce cover on your vehicle, which you can only do if you pay cash for the car. Loan or lease you need comprehensive coverage. No difference between leasing or buying.